G20 Nations Urged to Strengthen International Cooperation in Asset Recovery
A recent report has emphasized the importance of international cooperation in recovering assets stolen through corruption, highlighting the need for countries to provide competent authorities with the necessary powers and resources to effectively freeze and seize suspected proceeds of crime.
Robust National Asset Recovery Frameworks
The report stresses that countries must ensure their national asset recovery frameworks are robust and allow for a range of legal powers, tools, and measures to be used in pursuit of effective asset recovery. This includes:
- Mechanisms for non-conviction-based confiscation
- Value-based freezing and seizure
- Confiscation of proceeds held by non-bona fide third parties
Timely Enforcement of Foreign Asset Freezing, Seizure or Confiscation Orders
The report also emphasizes the importance of timely enforcement of foreign asset freezing, seizure or confiscation orders. To achieve this, countries are encouraged to:
- Develop measures such as mutual recognition processes
- Ensure efficient international cooperation
- Consider implementing measures to deter furnishing of inaccurate information
Effective Mechanisms for Verifying Beneficial Ownership Information
Countries are also urged to develop effective mechanisms for verifying beneficial ownership information and applying measures to deter furnishing of inaccurate information.
Cross-Jurisdictional Asset Recovery Requests
To facilitate cross-jurisdictional asset recovery requests, the report calls for:
- Timely and effective coordination and communication between countries’ competent authorities
- Promoting channels and procedures for consultation and communication prior to and throughout the mutual legal assistance process
- Recognizing case-specific differences in the execution of asset recovery requests
Utilizing Open-Source Information
The report also highlights the importance of making effective use of open-source information for successful asset recovery. This includes:
- Raising awareness about publicly available resources
- Exploring options to share non-public information on a voluntary basis